R&q Insurance Share Discussion Threads

[simon gordon] 10/5/2024 17:35

Hi Bagpuss,

Brickell (777) made a bid at 175p which was rejected by Slater and Phoenix.

Somewhat weird that they are going into a restructuring around the same time as RQIH.

Brickell owned c.25% of RQIH at one stage.

[bagpuss67] 10/5/2024 17:22

Hi Simon. I'm new to this. What's the significance of this post?

[simon gordon] 10/5/2024 16:19

777 (Brickell) who offered 175p is also going into restructuring.

FT - 10/5/24

Everton Football Club’s suitor 777 Partners has called in turnaround and crisis management experts, as the investment firm wrestles with accusations of fraud and the unravelling of the reinsurance financing that underpinned many of its acquisitions.

The Miami-based group has appointed a team from B Riley Advisory Services to assist with “various operational challenges”, according to a 777 memo reviewed by the Financial Times.

“We have retained a team of professionals from B Riley Advisory Services (a division of B Riley Financial) to assist with managing through various operational challenges,” the memo said. It added that 777 is working to “rationalise” the business and “select the most profitable path forward for our investments”.

The advisory services company, which is part of Los Angeles-based B Riley Financial, does restructuring and turnaround work, forensic accounting and litigation support, and valuations.

The appointment comes after London asset manager Leadenhall Capital filed a lawsuit which alleged that 777 co-founders Josh Wander and Steven Pasko were “operating a giant shell game at best, and an outright Ponzi scheme at worst”.

According to the Leadenhall lawsuit, filed in a federal court in New York last week, Wander pledged more than $350mn in assets that “either did not exist, were not actually owned by Wander’s entities, or had already been pledged to another lender”.

777 has said it “vehemently refutes” the claims in the Leadenhall court filing.

[foreverbull] 07/5/2024 13:57

Unfortunately this is it ... absolutely no light at the end of the tunnel.

[sbb1x] 07/5/2024 13:35

1.70 on the bid, any chance of a turn around here.....

[citys2874] 25/4/2024 11:10

people bailing and put money into STG and INHC as potential multi-baggers may be a quick way to recoup losses worth a look.

[washingmachine] 25/4/2024 02:53

It’s only the notable names on the LSE
Boards that are saying this is positive
Since the RNS was released
Those will be the ones selling on open
If they can even get a quote
It’s over sadly for equity holders

[researchguru1] 24/4/2024 23:26

I’m not a member of the London South East BB. To this end, could somebody please post below on the platform, and specifically for the attention of the ‘financially illiterate’ muppets on that BB deliberately misleading newbies by spinning today’s 17:40 RNS as ‘Excellent’.


For the record, and to be absolutely clear, R&Q Insurance Holdings is selling its 49% interest of the Corporate Liabilities Joint Venture to Obra Capital Management for £21.5m ($27m). The proceeds will be used to pay down the group's Revolving Credit Facility and retaining cash in regulated entities.

R&Q Insurance Holdings is also selling its fully-owned subsidiary Randall & Quilter America Holding Inc. (holding company of the Accredited business) to Onex Corporation. Net cash proceeds on closing are now expected to be between £52 – £88m ($65 – $110m).

The net cash proceeds will be used to pay down a fraction of the company’s enormous debt of £267m ($333m as of the 30 June 2023), which includes the group's Revolving Credit Facility as well as subordinated notes. Annual interest being paid on the debt is £12.4m ($15.9m).

So basically, THE COMPANY IS IN MAJOR FINANCIAL DISTRESS; even after receipt of the net proceeds (from both sales) which won't be enough to steady the ship.

The significant reduction in cash proceeds is down to the business continuing to haemorrhage cash at alarming levels.

More importantly, and PRIVATE INVESTORS REALLY NEED TO MAKE A NOTE OF THIS, the company is engaged in INTENSIVE DISCUSSIONS with its lenders and regulators with a view to the approval and implementation of the sale.

In other words, THE LENDERS ARE YET TO APPROVE THE SALE. And judging by the company’s horrendous performance, the lenders may choose alternative options to protect their interest, and other secured creditors’ interests. Those options are unlikely to recover any value for equity holders.







.

[foreverbull] 24/4/2024 19:29

Ridiculous update ... they've spent half of the sales proceeds already

[washingmachine] 24/4/2024 19:02

It’s over for equity holders
Unfortunately

[giltedge1] 24/4/2024 18:09

Is this the company that Mark Slater turned down a £400m takeover bid?, saying not enough. Also has a large stake in Bens Creek, enough said.

[simon gordon] 23/4/2024 12:12

Royalles,

It is patently visible that the Legacy business is being set up for a run-off type of administration.

There is no value for equity holders.

[fx analyst] 23/4/2024 12:05

Nice looking L2 now - some big orders going through

[royalles] 23/4/2024 11:18

Simon - i think more likely it will be sold as a whole and possibly bought out by one of the regional big boys.In terms of returns to shareholders i would guess somewhere in excess of 18p upto 31p a share.

Is all due to be resolved during Q2 so is very much game on to buy current cheapies IMO

[simon gordon] 23/4/2024 10:45

With the two new non-execs being specialists in restructuring it looks like the company could be turned into an unlisted SPV as they work through the legacy of Messrs Randall & Quilter.

Still can't get over that Phoenix and Slater blocked 170p.

[fx analyst] 23/4/2024 10:44

Tia,check out what the telegram group is saying :-) it is looking very very good indeed.





Tia01- 22 Apr '24 - 11:10 - 1468 of 1471

Is this on the verge of a big bounce. Plenty of buying in shares at these low prices!!!!!!

[red ninja] 23/4/2024 10:39

Mmm Dantee, you appear to be telling me it is dirt cheap, but no sign of funds or anybody with credibility buying, just mug punters.

[dantee] 23/4/2024 08:48

When that RNS lands this will do a minimum 15 bag quickly IMVHO

Could land at any moment too !

[red ninja] 22/4/2024 13:26

The question for me is can they stop the significant losses ?

[tia01] 22/4/2024 11:10

Is this on the verge of a big bounce. Plenty of buying in shares at these low prices!!!!!!

[profit7] 16/4/2024 14:49

$500m sale this Quarter
Mcap £10m

Do one mms this should be 40p

Because 60p on sale

[sbb1x] 08/2/2024 11:56

4.50 on the bid, any chance of a turn around here.....